January 1 - March 31

• Net sales amounted to SEK 1,764 m (1,863) during the quarter and, adjusted for exchange rate changes, were largely in line with the previous year's figure (-0.3%).
• In a continued challenging market situation, organic growth improved significantly compared to the fourth quarter of 2025, from -7.0% to -1.2%, while demand in Europe remained weak.
• Operating income amounted to SEK 100 m (110). Lower volumes and an unfavorable mix trend in the restaurant market burdened income, which was partly offset by positive currency effects.
• Earnings per share attributable to equity holders of the Parent Company amounted to SEK 0.73 (1.35). Adjusted earnings per share attributable to equity holders of the Parent Company amounted to SEK 0.92 (1.35), affected by a worse financial net than in the same quarter last year.
• The first delivery from the new external warehouse in Meppen, Germany, was completed during the quarter. Deliveries will be gradually expanded, with full implementation during the summer.
• The agreement to acquire Solserv Solutions & Services Europe AB strengthens Duniform's future offering in the field of industrial packaging solutions and after-sales services.

Key financials 

1) For reconciliation of alternative key financials, definition of key financials and glossary, see pages 27-29. 

CEO summary

The first quarter was characterized by an external environment that continued to be challenging and volatile. Geopolitical and macroeconomic uncertainty remains high and negatively affects both demand and customer behavior. At the same time, there were indications of stabilization in parts of the business, even though the market conditions remained challenging.

How would you sum up the first quarter for Duni Group?
We delivered a stable quarter on the whole, given the conditions. Net sales, adjusted for currency effects, were largely in line with the previous year and organic growth improved significantly compared with the previous quarter, from -7.0% to -1.2%.

At the same time, the market situation remains challenging and more disjointed than normal. Our biggest challenge is not primarily volumes, but a negative mix trend. Demand has increasingly shifted from premium products to simpler, more low-budget alternatives, especially in the European restaurant market. This also affects profitability in a situation where volumes are being maintained.

What is driving this change in demand?
Above all, this is about a continuation of cautious consumer behavior. In a volatile world, both consumers and restaurants are prioritizing price and short-term cost control. This is evident in several European markets, not least in Germany.

Despite the cut in VAT that was implemented in Germany, we do not yet see any clear changes in visitor patterns or willingness to pay for premium products. The focus continues to be on simpler offerings at lower prices, which has a direct impact on the mix in our premium segment.

What are you doing specifically to address this market?
We are working in parallel on several fronts. Cost discipline and operational efficiency remain high priorities, while we are investing powerfully for the future. For example, during the quarter we saw the first deliveries from our new external warehouse in Meppen, Germany, which will boost our delivery capability, flexibility and scalability in Europe when fully implemented.

We also continue to develop our offering through innovation and sustainable solutions. Launches such as Velviq® and Softiq® in Dining Solutions, as well as initiatives in circular systems and reuse, are important for both customer value and long-term competitiveness. It's not just about products, it's also about how we help customers transform their offering.

At the same time, Food Packaging Solutions made a positive contribution to income - how do you view that?
Food Packaging Solutions plays an important role in the Group. Operating income improved by SEK 11 m compared with the previous year, driven by good cost control that improved the margin and increasingly stronger growth within Duniform in Sweden. The business area's strength lies in its broad product offering, which is adapted to different customer segments and geographical regions. In addition, our sustainability work ensures that our product portfolio is adapted to new regulations and legislation at an early stage.

The acquisition of Solserv - how does it fit into the strategy?
Solserv is a clear example of how we are broadening Food Packaging Solutions with a stronger offering in industrial applications and after-sales services. This strengthens Duniform and gives us access to a new customer segment with different drivers than traditional HoReCa.

In a more volatile world, such additions are important to create stability, a better spread of risk and a more balanced business model over time.

How do you see the outlook for the future?
We expect uncertainty to persist and demand for premium products to remain subdued until the recovery kicks in. At the same time, Duni Group is strong, with two complementary business areas, a broad geographical presence and a clear focus on sustainability, innovation and efficiency.

Our mission is to navigate wisely in the short term without losing momentum in the long term. It's about being both cautious and decisive - which I think we're also showing in this quarter.

Robert Dackeskog,
President and CEO, Duni Group